Average transaction cost of sending remittances to a specific country in Madagascar
Madagascar: Average transaction cost of sending remittances to a specific country was 2.9% in 2023. ▼ Falling
Average transaction cost of sending remittances to a specific country in Madagascar, 2016–2023
Source: Remittance Prices Worldwide, World Bank (WB). Measured in %.
Analysis
Madagascar recorded 2.9% for average transaction cost of sending remittances to a specific country in 2023. That is the lowest value across all 7 years on record.
That represents a change of down 65.3% on the previous year and down 69.0% over ten years.
Madagascar ranks 50th of 100 countries on this measure, in the middle of the range.
Average transaction cost of sending remittances to a specific country in Madagascar, year by year
| Year | % | Change |
|---|---|---|
| 2016 | 9.4% | — |
| 2017 | 9.9% | +4.8% |
| 2019 | 12.8% | +29.7% |
| 2020 | 14.5% | +13.2% |
| 2021 | 16.6% | +14.6% |
| 2022 | 8.4% | -49.3% |
| 2023 | 2.9% | -65.3% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 2010s | 10.7% | 9.4% | 12.8% | 3 |
| 2020s | 10.6% | 2.9% | 16.6% | 4 |
Countries ranked near Madagascar
More financial sector data for Madagascar
- Reserve position in the IMF, US dollar, annual growth rate 5.01 % change on previous year (2025)
- Reserve position in the IMF, US dollar, per unit of GDP 0.0021 units per US$ of GDP (2025)
- Reserve position in the IMF, US dollar, per capita 1.28 units per person (2025)
- Reserve position in the IMF, SDR, annual growth rate 0 % change on previous year (2025)
- Reserve position in the IMF, SDR, per unit of GDP 0.0016 units per US$ of GDP (2025)
- Reserve position in the IMF, SDR, per capita 0.9354 units per person (2025)
- Reserve tranche position, US dollar, annual growth rate 5.01 % change on previous year (2025)
- Reserve tranche position, US dollar, per unit of GDP 0.0021 units per US$ of GDP (2025)
- Reserve tranche position, US dollar, per capita 1.28 units per person (2025)
- Reserve tranche position, SDR, annual growth rate 0 % change on previous year (2025)
Frequently asked questions
- What is average transaction cost of sending remittances to a specific country in Madagascar?
- Average transaction cost of sending remittances to a specific country in Madagascar was 2.9% in 2023, according to Remittance Prices Worldwide, World Bank (WB).
- What is the highest average transaction cost of sending remittances to a specific country recorded in Madagascar?
- The highest recorded value was 16.6% in 2021.
- What is the lowest average transaction cost of sending remittances to a specific country recorded in Madagascar?
- The lowest recorded value was 2.9% in 2023.
- How does Madagascar rank for average transaction cost of sending remittances to a specific country?
- Madagascar ranks 50th out of 100 countries with data for 2023.
- Is average transaction cost of sending remittances to a specific country rising or falling in Madagascar?
- Over the last ten years it is down 69.0%. The long-run trend across the full record is falling.
- Where does this Madagascar data come from?
- The figures come from Remittance Prices Worldwide, World Bank (WB), published as part of Average transaction cost of sending remittances to a specific country (%). Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 7 observations, free to reuse under CC BY 4.0 (World Bank Open Data).
About this data
Average transaction cost of sending remittance to a specific country is the average of the total transaction cost in percentage of the amount sent for sending USD 200 charged by each single remittance service provider (RSP) included in the Remittance Prices Worldwide (RPW) database to a specific country.